Sharp Reduction in Bad Debt Allowance Helps Pinnacle Double Second Quarter Profit | Local

Pinnacle, based in Nashville, Tennessee, completed its $ 1.9 billion purchase of BNC Bancorp of High Point in June 2017. It gained $ 7.4 billion in assets and 76 branches, including three in Forsyth County and 20 in total in the Triad.

Terry Turner, President and CEO of Pinnacle, continues to credit the bank’s ability to recruit market-specific revenue producers from larger competitors for its growth spurt.

Pinnacle hired 36 income producers during the quarter, specifically in Atlanta, Birmingham, Alabama and Huntsville, Ala. It has added 216 since the start of 2019.

The bank reported a gain of 85 full-time equivalent employees in the second quarter for a total of 2,706. There was a net gain of one branch for a total of 116 as of June 30.

Loan income for the second quarter increased 6.8% to $ 230.4 million from the first quarter including the allowance. It was also up 74.1% from a year ago.

Pinnacle said it issued federal paycheck protection program loans with a combined value of $ 1.4 billion as of June 30, up from $ 2.2 billion as of March 31 and June 30, 2020.

The amount of these loans decreased by $ 848.5 million between the first and second quarters, and remains at $ 47.7 million as of June 30.

“Our relationship managers have been offended by borrowers for encouraging them to expedite their requests for forgiveness from the Small Business Administration,” Turner said.

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